Notes to Accounts of Arnav Corporation Ltd.

Mar 31, 2015

1) Disclosure pursuant to Note No. 6(W) of Part I of Schedule III to
the Companies Act, 2013

In the opinion of the Board, all assets other than fixed assets and
noncurrent investments have a realisable value in the ordinary course
of business which is not different from the amount at which it is
stated.

2) During the year the Company created Deferred Tax Assets of Rs.
85,561/- 11) (A)The Assessing Officer of the Income Tax Department had
raised the demand of Rs. 82, 90,782/- against the Assessment Year
2008-09. However, the Company has filed an appeal to Commissioner of
Income-tax (Appeals). In spite of the said appeal, the company has paid
Rs. 22, 49,556/- to the Income-tax department which is shown in the
Balance Sheet as advances.

(B) However, the company has not paid Income tax liability of Rs. 2,
58,680/- for the Assessment year 2013-14 excluding interest u/s. 234A,
234B and 234C of the Income tax Act, 1961.

3) Pursuant to compliance of Accounting Standard (AS) 18 'Related
Party Disclosures', provisions of section 189 of the Companies Act,
2013, as per Point (iii)(a) of the Annexure to the Companies (Auditor's
Report) Order, 2015, as per the information provided to us,

M/s. Arnav Corporation Limited has not entered into any transaction
with related parties during the year.

4) As the Management has given the representation that the Company has
given advances to its suppliers. However, these advances had been
outstanding for more than one year and no material is supplied by the
following parties. As we are informed that there is no one has
mentioned below is related party. The Balances are subject to
confirmation and company is in process to obtain balance confirmation
till the completion of audit.

5) The company during the year has done only sale and purchases of the
Fabrics. There is no other business that is why no segment reporting is
required.

6) Figures in brackets represent the figures of the previous year and
have been regrouped / rearranged wherever necessary.

7) There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.

Mar 31, 2014

1) Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the
Companies Act, 1956

Contingent liabilities and commitments (to the
extent not As at As at
provided for) 31/03/ 2014 31/03/2013
Rs. Rs.

i) Contingent Liabilities

a)Claims against the company not acknowledged
as a debt - -

b)Guarantees - -

c)Other money for which the company is
contingently liable - -

Total (i)

ii) Commitments

a)Estimated amount of contracts remaining to be
executed on capital - -
account not provided for

b)Uncalled liability on shares and other
investments partly paid - -

c)Other commitments

Total (ii) - -

- -

Total (i) (ii) - -

2) Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the
Companies Act, 1956

In the opinion of the Board, all assets other than fixed assets and non
current investments , have a realisable value in the ordinary course of
business which is not different from the amount at which it is stated.

3) During the year the Company created Deferred Tax Assets of Rs.
15,819/-.

4)(A)The Assessing Officer of the Income Tax Department had raised the
demand of Rs. 82,90,782/- against the Assessment Year 2008-09. However,
the Company has filed an appeal to Commissioner of Income-tax
(Appeals). In spite of the said appeal, the company has paid Rs.
22,49,556/- to the Income-tax department which is shown in the Balance
Sheet as advances.

(B)However, the company has not paid Income tax liability of Rs.
2,58,680/- for the Assessment year 2013-14 excluding interest u/s.
234A, 234B and 234C of the Income tax Act, 1961.

5)Pursuant to compliance of Accounting Standard (AS) 18 ''Related Party
Disclosures'', provisions of section 301 of the Companies Act, 1956, as
per Point (iii)(a) of the Annexure to the Companies (Auditor''s Report)
Order, 2003 , the relevant information is provided hereunder:

6) As the Management has given the representation that the Company has
given advances to its suppliers. However, balances are subject to
confirmation and company is in process to obtain balance confirmation
till the completion of audit.

7) The company during the year has done only sale and purchases of the
Fabrics. There is no other business that is why no segment reporting
is required.

8) Figures in brackets represent the figures of the previous year and
have been regrouped / rearranged wherever necessary.

9) There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.

1) Income Tax :- (A) Income taxes are accounted for in accordance with
Accounting Standard 22 on

Accounting for taxes on Income. Taxes comprise both current and
deferred tax.

(B) Current tax is measured at amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.

(C) The tax effect of the timing difference that result between taxable
income and accounting income and are capable of reversal in one or more
subsequent periods are recorded as a Deferred tax assets or liability.

(D) They are measured using the substantively enacted rates and tax
regulations.

2) During the year the Company created Deferred Tax Assets of Rs.
8,58,786/-.

3) The Assessing Officer had raised the demand of Rs. 82,90,782/-
against the Assessment Year 2008-09. However, the Company has filed an
appeal to Commissioner of Income-tax (Appeals). In spite of the said
appeal, the company has paid Rs. 22,49,556/- to the Income-tax
department which is shown in the Balance Sheet as advances.

4) Pursuant to compliance of Accounting Standard (AS) 18 ''Related
Party Disclosures'', provisions of section 301 of the Companies Act,
1956, as per Point (iii)(a) of the Annexure to the Companies (Auditor''s
Report) Order, 2003 and also the loans granted by the Company which is
covered under section 372A of the Companies Act, 1956, the relevant
information is provided hereunder:

5) The company during the year has done only sale and purchases of the
Panchang Books. There is no other business, that is why no segment
reporting is required.

6) Figures in brackets represent the figures of the previous year and
have been regrouped / rearranged wherever necessary.

7) There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.

Mar 31, 2012

1) Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the
Companies Act, 1956

Contingent liabilities and commitments
(to the As at As at
extent not provided for) 31/03/2012 31/03/2011

i) Contingent Liabilities

a) Claims against the company not
acknowledged as debt - -

b) Guarantees - -

c) Other money for which the company is - -
contingently liable

Total......(i) - -

ii) Commitments

a) Estimated amount of contracts - -
remaining to be executed on capital
account and not provided for

b) Uncalled liability on shares and - -
other investments partly paid

c) Other commitments - -

Total......(ii) - -

TOTAL . (i) (ii) - -

2) Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the
Companies Act, 1956

In the opinion of the Board, all assets other than fixed assets and non
current investments, have a realisable value in the ordinary course of
business which is not different from the amount at which it is stated.

3) During the year the Company created Deferred Tax Assets of '
35,31,008/-.

4) The Assessing Officer had raised the demand of " 82,90,782/-
against the Assessment Year 2008-09. However, the Company has filed an
appeal to Commissioner of Income-tax (Appeals). In spite of the said
appeal, the company has paid " 22,49,556/- to the Income-tax department
which is shown in the Balance Sheet as advances.

5) Pursuant to compliance of Accounting Standard (AS) 18 'Related
Party Disclosures', provisions of section 301 of the Companies Act,
1956, as per Point (iii)(a) of the Annexure to the Companies (Auditor's
Report) Order, 2003 and also the loans granted by the Company which is
covered under section 372A of the Companies Act, 1956, the relevant
information is provided hereunder:

6) The company during the year has done only sale and purchases of the
Educational Books. There is no other business, that is why no segment
reporting is required.

7) Figures in brackets represent the figures of the previous year and
have been regrouped / rearranged wherever necessary.

8) There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.

Income taxes are accounted for in accordance with Accounting Standard
22 on Accounting for Taxes on Income. Taxes comprise both current and
deferred tax.

Current tax is measured at amount expected to be paid to the taxation
authorities, using the applicable tax rates and tax laws.

The tax effect of the timing differences that result between taxable
income and accounting income and are capable of reversal in one or more
subsequent periods are recorded as a deferred tax assets or liability.

They are measured using the substantively enacted rates and tax
regulations.

2 During the year the Company created deferred tax liability of Rs.
11,49,290/-.

3 In the opinion of the Board of Directors, the Current assets, loans
and advances have a value which on realisation in the ordinary course
of Business would be at least equal to the amount stated in the Balance
Sheet.

4 There is no practice of the Company to obtain confirmation of the
sundry debtors and sundry creditors. Hence, the said accounts are
subject to confirmation and reconciliations, if any.

5 Pursuant to compliance of Accounting Standard (AS) 18 "Related Party
Disclosures", provisions of section 301 of the Companies Act, 1956, as
per Point (iii)(a) of the Annexure to the Companies (Auditors Report)
Order, 2003, the loans taken or granted by the Company which is-covered
under section 370(1-B) of the Companies Act, 1956 and also Clause 32 of
the Listing Agreement, on disclosure of Loans/Advances in the nature of
loans, the relevant information is provided hereunder. In our opinion,
the Company has given loans and advances in contravention of sec. 295
of the Companies Act, 1956.

A) Related Parties where control exists:-

Sr. Name of Party Relationship
No.

1 D. J. Chaturvedi Managing Director

2 Shailesh Chatutvedi Director

6 The web designing assets do not have any useful life left. Hence,
the same are completely written off in the current financial year
2009-10.

7 As per the information given by the Company, there are no suppliers
who are covered under the Micro, Small and Medium Enterprises
Development Act, 2006.

8 The Company has not provided any liability for Gratuity and other
dues of workmen.

9 Figures in brackets represent the figure of the previous year and
have been regrouped/ rearranged whenever necessary.